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Inox Air Products Limited
vs. prev. close ₹1,600
Market cap
₹82,726 Cr
IPO stage
No DRHP filed
CIN
U24999MH1963PLC012625
Price History
About Inox Air Products Limited
INOX Air Products Limited is a scale-advantaged, Air Products-backed industrial gases company with a long-term, contract-based revenue model and steady FY26 growth. Heavy reinvestment in capacity means minority shareholders should look to book-value compounding rather than dividend yield for near-term returns.
Short Version :
INOX Air Products Limited (formerly INOX Air Products Private Limited), a Mumbai-headquartered, 63-year-old joint venture between the Jain family group (INOX) and global industrial gases major Air Products and Chemicals Inc., USA, manufactures and supplies industrial and medical gases (oxygen, nitrogen, liquid oxygen, liquid nitrogen) across India, largely through Air Separation Plants leased to customers on long-term 10-20 year contracts with minimum lease-rent protection. Revenue from operations grew 8.75% to Rs 3,033.93 crore in FY26 (FY25: Rs 2,789.78 crore), while PAT grew a more modest 3.74% to Rs 913.87 crore (FY25: Rs 880.95 crore). The company-stated EPS, computed on its disclosed weighted-average share basis (unchanged at 1.03 crore shares across both years), was Rs 883.76 in FY26 (FY25: Rs 851.92). On a closing-equity basis, Book Value per Share stood at Rs 7,029.04 (FY25: Rs 6,158.36) and Return on Equity at 12.57% (FY25: 13.83%), reflecting a business that reinvests the large majority of its earnings into capacity rather than distributing them.
Why It Trades Where It Does :
INOX Air Products' valuation reflects a capital-intensive, scale-advantaged industrial gases business backed by a six-decade joint venture with global major Air Products, steady if moderate revenue and profit growth, and an annuity-like long-term contract model (plant leases running 10-20 years with minimum lease-rent protection and exclusive surplus-gas purchase arrangements) that provides earnings visibility uncommon in most unlisted industrials. Against this, minority shareholders receive a very low cash dividend as the company reinvests heavily in new capacity, so the stock's appeal rests more on long-term compounding of book value and the strategic value of the Air Products partnership than on near-term dividend yield or rapid earnings growth.
Top Risk :
Capital commitments for plant and equipment remaining to be executed stood at Rs 424.47 crore at FY26-end (though down from Rs 765.06 crore in FY25), while capital work-in-progress grew 75.9% to Rs 1,414.74 crore, reflecting an aggressive, ongoing capacity-expansion program that carries both execution and funding risk.
Government capital/industrial-promotion subsidies of Rs 140.77 crore sanctioned across various units (up from Rs 100.10 crore) are conditional on the company fulfilling scheme requirements, including continued operation of specific units for a defined period, creating a contingent dependency on policy continuity and ongoing compliance.
Dividend payout remains very low relative to earnings: Rs 20.68 crore was paid in FY26 against PAT of Rs 913.87 crore, a payout ratio of roughly 2.3%, meaning minority shareholders see limited direct cash return while the company prioritizes reinvestment.
The consolidated results include a joint venture, Bellary Oxygen Company Private Limited, whose underlying long-term gas supply contract with its anchor customer expired in 2021; its contribution to consolidated profit now comes mainly from non-operating income rather than ongoing gas operations, a distinction investors should not mistake for organic growth in the core industrial gases business.
Revenue is tied to industrial and healthcare-linked demand for oxygen and nitrogen under long-term plant-lease and supply agreements, so a slowdown in manufacturing or healthcare-sector gas demand, or the non-renewal of a major long-term customer contract (as previously occurred with the Bellary joint venture), could affect specific plant economics even as overall revenue grew in FY26.
Top Opportunities :
Backed by global industrial gases major Air Products and Chemicals Inc. (USA) as a six-decade joint-venture partner alongside the Jain family group, giving access to global technology, scale and operating expertise in a capital-intensive sector with high entry barriers.
Revenue grew 8.75% and PAT grew 3.74% in FY26, with profit before tax up 4.22%, supported by continued demand for medical and industrial oxygen, liquid oxygen and liquid nitrogen.
Strategic minority equity stakes in multiple renewable/green power companies (including TP Saurya Bandita, Clean Max Ruby, Clean Max Louise, Amplus IRU and Sunsure Solarpark) support a shift toward lower-cost, open-access renewable power for the company's energy-intensive air separation plants, relevant given power and fuel costs of Rs 674.15 crore in FY26.
A long-term, annuity-like revenue model, with Air Separation Plants leased to customers on 10-20 year non-cancellable tenures, minimum lease-rent protection, and exclusive surplus-gas purchase arrangements, provides revenue visibility and downside protection relative to a typical merchant industrial business.
Ongoing capacity expansion (capital work-in-progress up 75.9% to Rs 1,414.74 crore) is funded largely through reinvested earnings given the low dividend payout, positioning the company to capture continued growth in India's industrial and healthcare gas demand.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Manufacturing
Founded
1963
Headquarters
Thane, Maharashtra, India
Min Lot Size
50
Shares Outstanding
51,70,34,850
Regulatory Information
Corporate Identity Number (CIN)
U24999MH1963PLC012625
PAN Number
AAACI5569D
ISIN
INE321A01020
Key Valuation Ratios
Valuation
Market Cap
₹82,725.58 Cr
P/E Ratio
90.52×
P/S Ratio
27.27×
P/B Ratio
11.38×
EV / EBITDA
51.03×
Returns & Per Share
ROE
12.57%
EPS
₹17.68
Book Value / Share
₹140.58
Solvency
Debt / Equity
0.19×
Interest Coverage
13.41×
Company Fundamentals
As of FY2026 Annual · updated 07 Nov 2026Gross Profit
₹2,928.07 Cr
EBITDA
₹1,647.79 Cr
Revenue Growth
8.75%
Profit Margin
30.12%
Performance Trends
2 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.19×
EBITDA Margin
54.31%
Interest Coverage
13.41×
Financial Statements
| Line item | FY2025 | FY2026 |
|---|---|---|
| Total Income | ||
| Revenue from operationsDisclosed | 2,789.78₹ Crore | 3,033.93₹ Crore |
| Other incomeDisclosed | 258.86₹ Crore | 178.94₹ Crore |
| Total IncomeDerived | 3,048.64₹ Crore | 3,212.87₹ Crore |
| Expenses | ||
| Cost of goods soldDisclosed | 103.75₹ Crore | 105.86₹ Crore |
| Purchases of stock-in-tradeDisclosed | 79.19₹ Crore | 82.78₹ Crore |
| Changes in inventoriesDisclosed | -8.65₹ Crore | -6.43₹ Crore |
| Employee benefits expenseDisclosed | 220.67₹ Crore | 260.39₹ Crore |
| Finance costsDisclosed | 100.09₹ Crore | 97.05₹ Crore |
| Depreciation and amortization expenseDisclosed | 264.06₹ Crore | 346.49₹ Crore |
| Manufacturing expensesDisclosed | 671.88₹ Crore | 674.15₹ Crore |
| Other expensesDisclosed | 464.19₹ Crore | 495.82₹ Crore |
| Total ExpensesDerived | 1,895.18₹ Crore | 2,056.11₹ Crore |
| Profit | ||
| Exceptional itemsDisclosed | 2.04₹ Crore | 47.49₹ Crore |
| Profit before taxDerived | 1,155.5₹ Crore | 1,204.25₹ Crore |
| Current tax expenseDisclosed | 213.73₹ Crore | 221.26₹ Crore |
| Deferred tax expenseDisclosed | 60.83₹ Crore | 69.12₹ Crore |
| Tax expenseDisclosed | 274.56₹ Crore | 290.38₹ Crore |
| Profit After TaxDerived | 880.94₹ Crore | 913.87₹ Crore |
| Other comprehensive incomeDisclosed | -2.52₹ Crore | 7.14₹ Crore |
| Total Comprehensive IncomeDerived | 878.42₹ Crore | 921.01₹ Crore |
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Current Price
₹1,600Secure & Verified Transaction
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About Inox Air Products Limited unlisted shares
Indicative · updated dailyInox Air Products Limited unlisted share price today
Inox Air Products Limited unlisted share price today is ₹1,600 as of 12 November 2026.
Inox Air Products Limited — frequently asked questions
- What is the grey market price for Inox Air Products Limited?
No IPO is currently announced for Inox Air Products Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Inox Air Products Limited filed for an IPO, and when might it list?
Inox Air Products Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Inox Air Products Limited compare to its listed peers?
There is no closely comparable listed company for Inox Air Products Limited in India today.
- Is Inox Air Products Limited on the SME or Mainboard IPO track?
Inox Air Products Limited is on the Mainboard IPO track, based on its draft red herring prospectus.
- What is Inox Air Products Limited's CIN and registered office?
Inox Air Products Limited's Corporate Identity Number is U24999MH1963PLC012625, registered at Thane, Maharashtra, India.
- What is Inox Air Products Limited's market capitalisation?
Inox Air Products Limited's market capitalisation is approximately ₹82,726 crore, based on its current unlisted share price.
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Applies to every company on Priveq- How do I buy Inox Air Products Limited unlisted shares?
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Submit an Express Sell Interest for Inox Air Products Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer Inox Air Products Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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Minimum investment varies by company and is shown as the Min Investment figure on this page. Inox Air Products Limited's minimum is ₹80,000.
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Inox Air Products Limited is on the Mainboard IPO track. Shares bought before listing are locked in for 6 months from the date of listing and cannot be sold before then.
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- How are capital gains on Inox Air Products Limited unlisted shares taxed?
If you sell unlisted shares, including Inox Air Products Limited, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If Inox Air Products Limited lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
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